Here we go again.....

[Terry Wallace]

Well I just knew there was "somethin' strange" going on at work today... and sure enough...all hourly employees just got laid off.
That would include me.

The economy here is so very, very bad.....its just hurtfull...

I figured it was coming... as the numbers just don't "compute".
We do not get enough business, so the hammer fell hard.

I'm so glad my husband has a very good and secure job. I feel bad for my co-workers, whose' sole survival was this job.

Between my boss crying, and my co-workers very long faces...its been a tough afternoon.

This may mean I need to get some hosses in for training and can finally put time on the ones I have already...the two rescues....

Well....see ya all around the unemployment lines.....

Tell you what.... I would advise that you don't move to Colorado! UNLESS..you are military or white collar.....!

[Pasogirlz]

Sorry to hear that Terry. It happens to the best of us sometimes. :-?
The mortgage industry has taken a real dump the last few weeks as well. Our company also did some lay offs, but fortunatley, my name wasn't on the list....yet. :shock:

Good luck.

[JennLM]

Sorry to hear you got laid off, I was there once before. Got rid of all of us and a week later brought in new people to cover most of the jobs.

Hopefully you will find something better around the corner.

I hope they don't do the same to you as well Lori. No one applying out here can even get a mortgage on the manufactured homes, it's killing the market.

[Terry Wallace]

Thanks Lori & Jenn... I just got home and I had messages on my phone of people wanting to come and look at horses...HORSES... of all things! :D

This is indeed a strange turn of events.... I haven't been called for horses in months & months...and all the sudden somebody needs TWO Pasos.... one lady is saying she needs a horse trailer...I just happen to have a two-horse I was thinking of selling....

Wowzer... I hope this all works out.... I'd love to sell two horses, and they are talking about the two rescue geldings.... that would be great if they sell.....

I'm numb.... ;-)

[Abejita]

ah grasshopper..one door closes and another one opens...

[dana]

Crud, Crud and Double Crud, Terry. what a way to end the week. can't even imagine what that feels like.

but on a positive note, hope your horsie phone keeps ringing for you! hang in there, woman!

[CarolU]

Oh Terry....that is hard to loose your job. Amazing the difference a stateline makes. Our economy is booming and unemployement is at 2%. Job openings everywhare.

:hug Hugs to you. I hope you and your co-workers (friends) find new jobs soon (although it sounds like you have plenty to do without one!)

You know we wuv you! http://www.jammerbabe.com/flotilla/images/smiles/kiss.gif

[Terri]

Well, that is pretty lousey! But Sheri and Dana are right, this might be the start of a pick up in the horsey biz! Ya never know.

[Linda Y]

Listen to the wise Abejita.
And also, consider this as an opportunity to do a little soul searching and think of things you would LIKE to do, not just things to make a paycheck. I don't know if you loved your job or not, but is it what you saw yourself doing when you 'grew up'?

[jodiTowne]

Sorry. What a bummer. I know what will make it better....play with those horses!

[Bonnie M]

So sorry about your job, maybe it was a blessing in disguise.

Good luck with the horses!

[PasoVicki]

I'm sorry to hear that you got laid off, Terry, but it's great that things already seem to be looking up. Wonderful news that you might be able to find homes for your two rescues, just at the right time. Now you just need a few calls looking for a horse trainer. :smile:

[Moniece Dickerson]

Oh Terry i'm sorry!!I'll pray hard that your two rescues AND horse trailer sell and for a nice amount.Your friend,Moniece

[Jane Hurl]

Wait! Wait! There's a silver lining here, Terry! Now you can come and spend as long as you'd like at the Second Annual Western Canadian Paso Fino Friends Get Together and Trail Ride this August! *big fat grin*

(Though I am sorry to hear of your troubles ... I feel there is an omen in the two phone calls you received!)

[Carol Nelson]

Ha....am sure Terry knows what I mean when I say there's not a whole lot of money in selling horses. :roll:

Sorry about the lay-off, kiddo...but usually there's something better around the corner. Kinda like divorce...the best is yet to come! ;-) :lol:

[Brigitte]

That sucks...

[Privatetreaty]

I'm so sorry, Terry. :hug


Different markets are typically tied to another specific market.

Interest rates and gold are tied.
When gold goes up, interest rates come down.


When the construction industry is down, a lot of markets are affected, including, but not limited to, the mortgage industry and retail.
Have you noticed more vacant retail (shopping) spaces in town lately?



Back in the early 1980's, when interest rates jumped to over 17%, lenders came up with new "products":
ARM (Adjustable Rate Mortgage)
Negative Amortization
Interest Only

and Contractor's were offering "Buy Downs"


Negative Amortization
For example:
You close on a $200,000 loan.
Your payment should be $1,500 monthly.
But, you're only paying $1,000.
That means that $500 a month is tacked on to your principal.
After 5 years, you no longer have a $200,000 loan.
Your loan balance after 5 years is $230,000


These loans are dangerous.
When you have a declining market, where real estate prices are dropping in many parts, people won't be able to sell the property, because they owe much more than it's worth.


So, let's say you get laid off and want to sell your home just two years later:
Your loan amount is $212,000.
However, your property is only worth $190,000.
You will have to BRING $22,000 to the closing, otherwise, you ain't gonna sell.

That's where the foreclosures come, in droves.


There are more people closing on negative amortization loans now, than ever before.


Interest rates are still low, yet people are suckered into these terrible loan products.



The BC (bad credit) end of the mortgage industry is in shambles.
They've written too many bad loans.
Did you know that over 60 Lenders have closed their doors since Third Quarter, 2006?
http://www.lenderimplode.com/


.

[motorgypsy]

So sorry Terry but knowing your fighting nature you'll come up with something better.

We had a superintendent of schools who was a total jerk but one year at district meeting he quoted the poem about turning stumbling blocks into stepping stones. It was so great that it made it worthwhile putting up with him!!! Here's hoping your stumbling blocks become huge stepping stones that will take you where you want to go!!

[Jane Hurl]

Yeah ... what Motorgypsy said.

[DSDECKERT]

Oh man Terry - what a major BUMMER....

[reuben T]

Now some people are at a loss to know what to do if they loose their job, but sounds like ya arn't too bad off.
For me, job or no job is no issue. I can always find something to do, and lately every time someone tries to hire me I turn em down, don't wanna waste time doing things for low wages when I got a high profit ag business starin me in the face.
my boss allows me to be lazy too much, but if he tries to fire me I'll just fire him right back and keep going. Acually I'm my own boss. have been ever sence whenever, I just find something to do and do it. I'm preparing to grow gormet lettuce-n-carrots but it takes a whole lot of work to get ready, but once we get there it'll be nice, good pay and easy work, that's cuz I'll hire help, then I'll really be boss. There's been many delays and years of learning, but I think we're just about there with it.
Right now i need to make a little more $$ to get by a few more weeks, thinking of digging bloodroot, it's super abundant in the woods round here and sells for $7 a lb dried to the herb buyer. I could do that and make a decent wage for years, but I don't wanna, I'd rather set up a system where I grow good food, make 20,000 a month, hire people to keep it going and walk off on it. I can live cheap, made about $2500 in the last 6 months, but that was made in maybe 3 weeks work time and the rest of my work time pays nothing till down the road when i get to play while i hire someone else to make money for me.








My mother told me about a farmer during the depression where she lived in Wisconsin, he had a morgage on his farm but also had some extra cash saved up, when hard times came and farm prices dropped like a rock, he allowed his own farm to be forclosed on by the bank, but then he took his cash and went and bought several farms at the new cheap price.

[moonrize]

Oh, sorry Terry - didin't see this until today :roll: Hope you can sell some ponies and find a job that you like much better.

[britzlove]

Bummer Terry...I sure wish we could get you the heck outta there!

You'll manage I'm sure..you're strong, but as always anything I can do, you just let me know.

Britz

[Pasogirlz]

I'm so sorry, Terry. :hug


Different markets are typically tied to another specific market.

Interest rates and gold are tied.
When gold goes up, interest rates come down.


When the construction industry is down, a lot of markets are affected, including, but not limited to, the mortgage industry and retail.
Have you noticed more vacant retail (shopping) spaces in town lately?



Back in the early 1980's, when interest rates jumped to over 17%, lenders came up with new "products":
ARM (Adjustable Rate Mortgage)
Negative Amortization
Interest Only

and Contractor's were offering "Buy Downs"


Negative Amortization
For example:
You close on a $200,000 loan.
Your payment should be $1,500 monthly.
But, you're only paying $1,000.
That means that $500 a month is tacked on to your principal.
After 5 years, you no longer have a $200,000 loan.
Your loan balance after 5 years is $230,000


These loans are dangerous.
When you have a declining market, where real estate prices are dropping in many parts, people won't be able to sell the property, because they owe much more than it's worth.


So, let's say you get laid off and want to sell your home just two years later:
Your loan amount is $212,000.
However, your property is only worth $190,000.
You will have to BRING $22,000 to the closing, otherwise, you ain't gonna sell.

That's where the foreclosures come, in droves.


There are more people closing on negative amortization loans now, than ever before.


Interest rates are still low, yet people are suckered into these terrible loan products.



The BC (bad credit) end of the mortgage industry is in shambles.
They've written too many bad loans.
Did you know that over 60 Lenders have closed their doors since Third Quarter, 2006?
http://www.lenderimplode.com/


.

Yes, Helen, as you know, our industries are tied. The mortgage biz is only going to get worse before it gets better. :shock:

Rates are going up right now, Lenders and loan programs are disappearing daily. Only the strong companies are going to survive the coming crunch.

[dana]

I have a friend who co-signed on a loan for a buddy four years ago so the "buddy" could buy an ATV for $3000.
i don't know exact details but i did see the papers yesterday and friend who is the co-signer is now finding himself having his wages garnished and the original $3000 is now over $9000.
what a lesson for this kid!

[baileyholc]

I'm sorry Terry. But thing look to be on the up, if you are getting call and offers. :D

[Rose Mary Axell]

Hey Terry,

Sorry to hear about your job loss, but usally when one door closes another opens, so watch for open doors!

Want to come to Canada? Our economy in Alberta is booming and I'm sure you can find a job here. (Usually within 24 hours.) Besides I would love to have more Paso Friends for neighbors!!

Hope everything works out OK.